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NipThePips road to Professionalism

  • #41
  • Jan 5, 2007 10:22pm Jan 5, 2007 10:22pm
What is a CTA or what does that stand for?
  • #42
  • Jan 5, 2007 10:28pm Jan 5, 2007 10:28pm
Quoting coastalfx
What is a CTA or what does that stand for?
Commodity Trading Adviser - To register as one you must pass the series 3 exam, as mentioned above.

It is worthless to most. It is useful when you're trying to convince (show) people that you know how to trade. This is good when you want to trade OPM (other people's money).
  • #43
  • Jan 6, 2007 5:04am Jan 6, 2007 5:04am
RE:[But at this time even if your not pooling funds and trade a PAMM account 99% of the FCM require you to be a registered CTA.

turbo]


I live in Canada ,just want to know where to take the course and infos on tax & regulations on this subject.
  • #44
  • Jan 6, 2007 4:38pm Jan 6, 2007 4:38pm
Quoting btran28
RE:[But at this time even if your not pooling funds and trade a PAMM account 99% of the FCM require you to be a registered CTA.

turbo]


I live in Canada ,just want to know where to take the course and infos on tax & regulations on this subject.
You can always call the NFA, they will direct you to all the info you need.
Nothing is hard, some things just take more time and discipline.
  • #45
  • Jan 7, 2007 10:22pm Jan 7, 2007 10:22pm

****Trade Number 3!!!****

1. Trade number 3
2. GBP/USD
3. Short (Sell Stop Order)
4. Entry 1.9240
5. S/L 1.9340 (More of a mental guide. This is just tempoarary until the market starts to move)
6. T/P 1.9190 (Again, this can change once the market starts to move)


Ok guys, I planned this trade this weekend, and it will by my first trade of the week. It is a sell stop order so that it will excute once market reaches that price. I feel that my trades will be a short biased unless the price goes above 1.9340. Hopefully I can get a trade in tonight. But, it is best to let the trades come to you, dont just create one

This trade is entered because it is below previous support, it will show a solid continuation of a down trend following the previous consilidation. And most of my signals should be bearish. I believe that cable is on its way down after reaching a high peak the past few months.


Lets see how it goes. I dont think this trade will be excuted until london open though.

Nothing is hard, some things just take more time and discipline.
  • #46
  • Jan 8, 2007 10:06am Jan 8, 2007 10:06am

****Modified Trade!!!****

1. Trade Number 3
2. GBPUSD
3. LONG
3. Pending
4. 1.9380 (Pending)
5. Entered at 1.9345


Cable has broken above the median, so we are now going long. My stop is mostly by feel right now, dont have a definite one.

Nothing is hard, some things just take more time and discipline.
  • #47
  • Jan 8, 2007 11:09am Jan 8, 2007 11:09am

****Modified Trade!!!****


 1. Trade Number 3
2. GBPUSD
3. LONG
3. Pending
4. 1.9450(Pending)


Cable has now broken the 23.6 fib line drawn from the last down trend. I expect it to go to at least 38.2. As iI am typing this it is now showing brief consilidation at the 23.6 fib which is normal. We should see a continue rise since there is a nice up trend developing. My stop is still by feel so we will see what happens..at least +10 though, I dont think I will allow the trade to go that far though.

Chart posted

http://img170.imageshack.us/img170/6...ade3vw2.th.gif
Nothing is hard, some things just take more time and discipline.
  • #48
  • Jan 8, 2007 8:44pm Jan 8, 2007 8:44pm

****Modified Trade!!!****

1. Trade Number 3
2. GBPUSD
3. LONG
3. 1.9365 (+20)
4. 1.9450(Pending)


The cable finally broke out of the consilidation at the 23.6 fib line, it almost made it to target but found resistance around 9440. I believe that it is now going to consilidate around the 9410 area and the continue its up trend. I moved my stop to +20 pips, so 20 pips is now bagged!

Lets see what happens tonight guys.

Nothing is hard, some things just take more time and discipline.
  • #49
  • Jan 8, 2007 9:01pm Jan 8, 2007 9:01pm
Congrats Nip. I am slowly working toward the same goal. One thing I have found out is that a LLC might be best for trading, with mark to market accounting method, just something to think about. If you have questions about what that is, email me or private message me and I'll be more than happy to send you some info on that.
I look at your chart and it looks a little conjested (to me anyways but it works for you). Maybe I missed it, but what method are you using?
Keep up the good work.
  • #50
  • Jan 8, 2007 9:04pm Jan 8, 2007 9:04pm
without going into great detail, I will tell you that this guy is correct when he says you will be taxed more for c corp than s corp there are both pros and cons having one or the other. I myself have an LLC which i have had for several years and you can protect yourself and build credit as you were wondering in an earlier post. you JUST NEED TO BE CAREFUL WHEN YOU HAVE A CORPORATION AND WHAT I MEAN BY THIS FROM EXPERIENCE WHEN I FIRST STARTED OUT, I USED MONEY FOR THIS AND MONEY FOR THAT. NO BIG DEAL I THOUGHT WELL THEY HAVE A TERM FOR THAT AND IT IS CALLED PEIRCING THE CORPORATE VALE SHIELD WHATEVER YOU WANT TO CALL IT. MY BEST ADVICE IS TO SPEAK WITH AN ACCOUNTANT THAT IS FAMILAR. AND I MEAN FAMILAR WITH WHAT YOU ARE DOING BECAUSE I HAVE BEEN THROUGH 4. YOU NEED A GOOD ONE YOU SHOULD KEEP GOOD RECORDS. I COULD GO ON AND ON. Anywaygood luck pal
Quoting coolhand
Nip, good job so far! I am also thinking of forming a corporation. I only trade my own funds not other people's, but the tax advantages would be great. I don't know where you live but check your local corporate tax laws. I live in Illinois and for me, it's a better idea to form an S corp than a C only because I would be taxed twice as a C, first on corporate earnings, then again on any income I take, while as an S I would only pay once. Big difference! Good luck and keep us updated on your progress.
THE MAN
  • #51
  • Jan 8, 2007 9:04pm Jan 8, 2007 9:04pm
Quoting djudah
Congrats Nip. I am slowly working toward the same goal. One thing I have found out is that a LLC might be best for trading, with mark to market accounting method, just something to think about. If you have questions about what that is, email me or private message me and I'll be more than happy to send you some info on that.
I look at your chart and it looks a little conjested (to me anyways but it works for you). Maybe I missed it, but what method are you using?
Keep up the good work.
Its only a few ma's and pivot points. I dont really use them, only there to make my chart look pretty. I still trade naked sometimes. But i like to draw pretty pictures with indicators too ...


all jokes aside, I use my own style of trading, not a definite method but kind of follows a system i guess. I post why i made a certain trade so maybe you can pick up on it from there. Also I am happy to answer any question that people may have on a particular trade.

I will be PM ing you
Nothing is hard, some things just take more time and discipline.
  • #52
  • Jan 8, 2007 9:28pm Jan 8, 2007 9:28pm
Quoting mkkr
without going into great detail, I will tell you that this guy is correct when he says you will be taxed more for c corp than s corp there are both pros and cons having one or the other. I myself have an LLC which i have had for several years and you can protect yourself and build credit as you were wondering in an earlier post. you JUST NEED TO BE CAREFUL WHEN YOU HAVE A CORPORATION AND WHAT I MEAN BY THIS FROM EXPERIENCE WHEN I FIRST STARTED OUT, I USED MONEY FOR THIS AND MONEY FOR THAT. NO BIG DEAL I THOUGHT WELL THEY HAVE A TERM FOR THAT AND IT IS CALLED PEIRCING THE CORPORATE VALE SHIELD WHATEVER YOU WANT TO CALL IT. MY BEST ADVICE IS TO SPEAK WITH AN ACCOUNTANT THAT IS FAMILAR. AND I MEAN FAMILAR WITH WHAT YOU ARE DOING BECAUSE I HAVE BEEN THROUGH 4. YOU NEED A GOOD ONE YOU SHOULD KEEP GOOD RECORDS. I COULD GO ON AND ON. Anywaygood luck pal
Thnx for the info, I will chat with you soon if you dont mind.
Nothing is hard, some things just take more time and discipline.
  • #53
  • Jan 9, 2007 11:12am Jan 9, 2007 11:12am

****Closed Trade!!!****


1. Trade Number 3
2. GBP/USD
3. Short
4. Closed at 1.9399 +54
5. R= 54/20 2.7
6. 3/3 trades are winners (100%)

Chart:
http://img401.imageshack.us/img401/1...loseuu0.th.gif

Ok guys, well I closed my cable long, It seems that it is done with its upwards retrace and may continue its previous downtrend. I really wish I would of kept my original take profit and exited all my lots there instead of only 1. But that is the world of trading I guess. The reason I exited the trade is on the chart. Now looking for some breaks below the median among other things, and that should signal our short. Until next trade (or comment or question)


Nip
Nothing is hard, some things just take more time and discipline.
  • #54
  • Jan 10, 2007 2:23am Jan 10, 2007 2:23am

****Trade Number 4!!!****


 1. Trade number 4
2. GBP/USD
3. Long
4. Entry 1.9414
5. S/L 30 Pips
6. T/P 20 Pips


I took this trade because it broke over yesterdays pivot and some resistance. See chart below for details. I am only going for 10-20 pips because the market is to wishy washy for me to stay in a trade too long. Lets see how it goes.

http://img120.imageshack.us/img120/7...ade4zr8.th.gif
Nothing is hard, some things just take more time and discipline.
  • #55
  • Jan 10, 2007 9:23pm Jan 10, 2007 9:23pm
Since I lost the last trade (-30) I tend not to trade well shortly after. When I have big loosing trades, I take the rest of the week off to research what I did wrong, and to get my mind back in the Zone. It is my own method to make sure I can safely and mentally stable-aly make my future trades. Good week everyone. See you next week
Nothing is hard, some things just take more time and discipline.
  • #56
  • Jan 11, 2007 2:00am Jan 11, 2007 2:00am
Quoting NipthePips
Since I lost the last trade (-30) I tend not to trade well shortly after. When I have big loosing trades, I take the rest of the week off
IMHO -30 should not be a big loss, anyway... have a good week-end!
  • #57
  • Jan 12, 2007 5:44am Jan 12, 2007 5:44am
Losing 30 pips should be no big deal. Certainly it having a psychological affect on you isn't healthy. Winning OR losing should be both approached in a non chalaunt fashion. If you have a lot of anxiety over a loss you're probably trading too big. Just some food for thought.
  • #58
  • Jan 12, 2007 8:40am Jan 12, 2007 8:40am
Quoting Pip Catcher
Losing 30 pips should be no big deal. Certainly it having a psychological affect on you isn't healthy. Winning OR losing should be both approached in a non chalaunt fashion. If you have a lot of anxiety over a loss you're probably trading too big. Just some food for thought.

LOL thnx for you all concerns.

30 pips is not big, but it is a loss. I dont over leverage or anything. I am not all worked up over the loss, its just a fail safe against me. I have already reached my goal for the month, so no need to rush for a trade. You have to understand that most of my trades are not losses, so when I have a loss I take the time off to evaulate why I lost. Sure everyone looses, and I just make sure I dont react to it. I dont let trades loose for hundreds of pips. 30 Pips is the largest I would ever let a trade go, and since I did that now I just do my research. Thank you all for your concern and opinions on the lost. Sorry if it came out that I was over reacting or emotional, that just wasnt the case.
Nothing is hard, some things just take more time and discipline.
  • #59
  • Last Post: Jul 5, 2007 1:48pm Jul 5, 2007 1:48pm
Any updates on your coporation and your little cousin's a/c?

Quoting NipthePips
LOL thnx for you all concerns.

30 pips is not big, but it is a loss. I dont over leverage or anything. I am not all worked up over the loss, its just a fail safe against me. I have already reached my goal for the month, so no need to rush for a trade. You have to understand that most of my trades are not losses, so when I have a loss I take the time off to evaulate why I lost. Sure everyone looses, and I just make sure I dont react to it. I dont let trades loose for hundreds of pips. 30 Pips is the largest I would ever let a trade go, and since I did that now I just do my research. Thank you all for your concern and opinions on the lost. Sorry if it came out that I was over reacting or emotional, that just wasnt the case.
make some money, have some fun, leave some footprints
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